Multiple contemporary newspapers report that the Farmers' Bank of Norfolk suspended specie payments on Nov 22, 1860 amid broader financial pressure tied to the secession crisis. No articles describe a depositor run, receivership, or permanent closure. Suspension appears to be a precautionary/temporary suspension tied to macro-political/financial news.
Events (1)
1.November 22, 1860Suspension
Cause
Macro News
Cause Details
Suspension amid widespread financial pressure related to the secession movement and regional banking suspensions (Nov 1860).
Newspaper Excerpt
The Farmers' Bank of Norfolk has also suspended specie payment.
Source
newspapers
Newspaper Articles (10)
1.November 22, 1860East Saginaw CourierEast Saginaw, Saginaw, MI
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specie payment. The Farmers' Bank of Norfolk has also suspended. Boston, Nov. 22. No serious results have yet attended the financial pressure, and remittances from the hottest part of the South con tinue to come in as usuul. The statements of repudiation by southern creditors are untrue NO far as this city is concerned. Should the emergency require it, the Directors of all the Boston banks propose to disconnt to the amount of five million dollars, which will speedily niake money easy in this city. WHEELING, Va., Nov. 22. The banks of this city suspended specie payment this morning, WASHINGTON, Nov. 22. There have been no special meetings of the Cabinet to consider the questions growing out of the secession movement. Harmony has hitherto characterized their proceedings. Tt was to-day anthentically stated that nothing has recently occurred in their deliberations to produce distraction. The resignation of the U.S. Marshal for South Carolina was received by the President to-day. A. Armistong, of Ga., has resigned as a Lieutenant in the navv.
2.November 23, 1860Richmond EnquirerRichmond, VA
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Suspended Specie Payment. NORFOLK, Nov. 22.-The branches of the Virginia Bank at Norfelk and Portsmouth, and the Farmers' at Norfolk, have suspended specie payment.
3.November 23, 1860Worcester Daily SpyWorcester, MA
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Items. NEW York, Nov. 22.-The Bienville from Havana, 18th, has arrived. Sugars unchanged; No. 12, 9½ reals. No freights offering for American vessels. NEW York, Nov. 22.-No signs of the Africa at 10 o'clock. FORT KEARNEY, Nov. 21.-The pony ex. press from Francisco, Nov. 10, passed here at 4 this morning. The agent of the associated press failed to get possession of the report. CHICAGO, Nov. 22.-The oil store of Fuller & Co., Franklin street, was burnt this morning. The building was owned by Hugh Bark. ley. The total loss is $100,000. Insured for $50,000. WASHINGTON, Nov. 22. - The Norfolk branches of the Virgin ia Bank, the Norfolk, Portsmouth, and Farmers' of Norfolk, have suspended. The Washington banks suspended specie payments to-day.
4.November 23, 1860Evening StarWashington, DC
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The Financial Pressure. Philadelphia, Nov. 22 -The action of the Bank Presidents suspending specie payments during the present exigency is generally regarded with favor by our business men and the press, having been determined on as a precautionary measure to enable the banks to expand their discounts and preventive of a panic like that of 1857. An immediate meeting of the Legislature has been suggested for the double purpose of relieving banks from the operation of the banking laws and considering the legislation of the State on the Fugitive Slave law. The Bank of Chester County will suspend to. morrow, and all the country banks of this State will probably takethe same course. NORFOLK, Nov 22 -The Branches of the Vir. ginia Banks at Norfolk and Portsmouth and the Farmers' Bank of Norfolk have suspended specie papment. WHEELING, Nov. 22.-The Banks of this city all suspended specie payments this morning. NEW ORLEANS, La., Nov. 22.-It is reported that several produce firms of this city have suspended payment to-day. NEW YORK, Nov. 22.-Our financial editors express the opinion that the condition of affairs this afternoon evidence a healthy state of trade. There is more cheerfulness among business men, and there has been more discounting to-day than any day for two weeks past, The Banks are manifesting every disposition to accommodate and no failures are reported. The quotations for specie are unsettled, but they may be rated at 3 to 5 per cent. The latter for small purchases. AUGUSTA, Nov. 22.-It is reported in bank circles to day, that Gov. Brown will veto any law sanctioning the suspension of banks, unless the State of Georgia secedes. There are rumors also, that one or more Charlestou banks have suspended, and also a large cotton house. The names are not given, but the report needs confirmation.
5.November 23, 1860The Daily DispatchRichmond, VA
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Suspension of Virginia Banks. NORFOLK, Nov. 22-The branches of the Bank of Virginia, here and at Portsmouth, and the Farmers' Bank, here, have suspended specie payment.
NORFOLK, Nov. 22.-Branches of the Virginia Banks at Norfolk and Portsmonth, and the Farmers' Bank of Norfolk, have suspended.
7.November 23, 1860New-York Daily TribuneNew York, NY
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[By Telegraph.] VIRGINIA. NORFOLK, Va., Thursday, Nov. 22, 1860. The branches of the Virginia Bank at Norfolk and Portsmouth have suspended specie payment. The Farmers' Bank of Norfolk has also suspended specie payment. WHEELING, Va., Thursday, Nov. 22, 1860. The banks of this city suspended specie payment this morning.
8.November 23, 1860Chicago Daily TribuneChicago, IL
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The Virginia Banks Suspend. NORFOLK, Va., Nov. 22.-The branches of the Virginia Bank at Norfolk and Portsmouth have suspended specie payment. The Farmers' Bank of Norfolk has also suspended. WHEELING, Va, Nov. 22-The Banks ofthis city suspended specie payment this morning.
9.November 24, 1860The Evansville Daily JournalEvansville, IN
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Financial. WHEELING, Nov. 22.-The - banks of this city suspended specie payment this morning. They are in undoubtedj condition, and will keep their notes good currency. PHILADELPHIA, Nov. 22.-The Bank Presidents met at noon to-day to consider the propriety of suspension. WASHINGTON, Nov. 22.-The Washington banks suspended this morning. NORFOLK, Va., Nov. 22.-The branches of the Virginia Bank at Norfolk and Portsmouth have suspended specie payment. The Farmers' Bank of Norfolk has also suspended. BOSTON, Nov. 22.--No serious results have yet attended the financial pressure, and remittances from the hottest parts of the South continue to come in as usual. The statements of repudiation by Southern creditors are untrue, so far as this city is concerned. Should the emergency require it, the Di. rectors of all the Boston Banks propose to discount to the amount of $5,000,000, which will speedily make money easy in this city.
10.November 24, 1860Nashville Union and AmericanNashville, TN
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Bank Suspensions. NORLOLK, Va., Nov. 22.-The branches of the Virginia Banks at Norfolk and Portsmouth have suspended specie payments. The Farmers' Bank at Norfolk has also suspended. From Chicaga.
